HARARE – Zimbabwe’s energy regulator on Tuesday reviewed the price of fuel downwards in line with falling international prices for the commodity.
The Zimbabwe Energy Regulatory Authority (Zera) said the price of petrol and diesel will go down by 77 cents and 68 cents respectively, and this took immediate effect.
The move follows sharp falls in the price of oil on the international market in recent months, after major producers failed to agree production cuts to shore up prices.
However, the producers have now agreed production cuts, but depressed global demand, resulting from the effects of Covid-19, have kept oil prices at near record lows inspite of the output reductions.
Zera said the new price of petrol is $21 a litre, down from $21.77, while diesel will now cost $20.84 from $21.52.
“Operators may, however, sell at prices below the cap depending on their trading advantages,” Zera said. – New Ziana
